Randy Crawford Delivering on Plan Randy Crawford President and Chief Executive Officer 3
Welcome James Harbilas Executive Vice President and Chief Financial Officer Deep background in both energy and utilities Proven track record in business optimization and integration Ability to build and transform functions…
Second Quarter Highlights Strong Start to 2019, Positioned for the Future Q2 2019 Normalized EBITDA1 of 203M Commissioned RIPET in May 2019 Announced 1.3B in Asset Sales Reduced Net Debt1 by 2B YTD SEMCO Gas Rate Case…
Announced 1.3 Billion of Non-Core Asset Sales Well-positioned to achieve 2019 asset sales target of 1.5 - 2 billion Distributed Generation Assets Stonewall Gas Gathering System Included 322 MW of contracted 1.4 Bcf/d, 67-mile…
Near-Term Operational Priorities Priorities Actions First cargo out of Complete construction and initiate operational phase RIPET early Q2 2019 Introduce feedstock to fill the LPG tank First cargo in May 2019 Capitalize on structural…
RIPET Netback Advantage RIPET provides enhanced netbacks to producers At current propane prices1 the RIPET advantage is estimated at US5.00/bbl Alberta3 RIPET Advantage (US/bbl) US 9.60/bbl 2019 FWD AFEI1 32.90 Transport &…
Utilize our Existing Infrastructure to Deliver Strong Integrated Economics Northeast B.C. growth program increases our overall strategic footprint in the area North Pine Fractionation Facility Expansion expected online in Q1 2020…
2019: Drive Operational Excellence at the Utilities Opportunities to unlock embedded organic growth Operating a Safe Providing Enhancing Efficiencies to and Reliable System Exceptional Reinvest Earnings and Customer Service…
Rate Case Status 2018 2019 2020 2021 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4 Q1 Q4 APR. NOV. DEC. Maryland Rate Case Filed Final New (36M1, 10.4% ROE) Decision Rates JUL. JAN. LATE 2019 Virginia Rate Case Filed Interim Final (38M2, 10.3%…
Delivering on the Plan 1H 2019: Refocused company delivers results Strong results in first half of 2019 position us well to achieve 2019 guidance Delivering on the balanced funding plan: strengthening the balance sheet with 2…
James Harbilas Q2 2019 Results and Capital Funding Update James Harbilas Executive Vice President and Chief Financial Officer 13
Highlights (CAD unless otherwise noted) 203M 120M 5M 1.3B Q2 Normalized Q2 Normalized Q2 Normalized 2019 Announced EBITDA1 FFO1 Net Loss1 Asset Sales 1 Non-GAAP measure; see discussion in the advisories 14
Contributions from WGL Continue to Drive Results; Strong Performance in Base Business ( millions) Q2 2019 Normalized EBITDA1 Q2 2019 Q2 2018 Variance Q2 2019 vs Q2 2018 Normalized EBITDA Drivers + WGL (+41M) - ACI IPO (-14M) + ACI…
Robust Asset Sales Provide Flexibility in 2019 Funding Plan 2019 Sources and Uses Secured Capital Program ( billions) (Cmillions unless otherwise specified) 4 - 4.5 4 - 4.5 Expected Target Utility Capital Projects Capex1,2…
De-leveraging Program on Track 2 billion reduction in net debt year-to-date Net Debt1 ( billions) 3 billion 2019 Plan Supports in debt repayment Lower debt and stronger balance sheet 10.1 Improving net debt/EBITDA Retained cash…
2019 Outlook Unchanged Significant Opportunity for Rebased Business in 2020 2019 EBITDA1 Guidance 2019 Normalized EBITDA 2020 Drivers ( millions) Quarterly Profile2 1600 Rate base and customer growth at Utilities 1,200 - 1,300 1200…
Our Strategy We leverage the strength of our assets and expertise along the energy value chain to connect customers with premier energy solutions from the wellsites of upstream producers to the doorsteps of homes and businesses, to…
Appendix 20
Q2 Normalized EBITDA1 Walk Down 2019 Q2 Actuals vs. 2018 Q2 Actuals Normalized EBITDA1 ( millions) +31 +15 +4 0 +21 +41 -2 -72 166 203 Q2 2018 WGL WGL WGL ALA ALA ALA Corporate/ Asset Q2 2019 Actual Utilities Midstream Power…
2019 Outlook - EBITDA Profile by Segment 2019 EBITDA1 Profile2,3 Utilities Midstream Power % % % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Non-GAAP financial measure; see discussion in the advisories See Forward-looking…
1.3 Billion Capital Program Focused on superior near-term returns 1.3 Billion Top-Quality Projects, YTD 700 Million Spent Identified Projects: System betterment across all Utilities 2% Accelerated pipe Mountain replacement…
Supportive Regulatory Environment for Utilities 2018 YE Allowed ROE Average Utility Rate Base and Equity Regulatory Update Customers (US) Thickness Distribution rates approved under cost of service model. Projected test year used…
Supportive Regulatory Environment for Utilities 2018 YE Average Allowed ROE and Utility Rate Base Regulatory Update Customers Equity Thickness (US) Distribution rates approved under cost of service model. Rate case filed in July 31,…
Accelerated Replacement Program Utility Location Program Main Replacement Program (MRP) expires in 2020. Rate case filed in May seeks approval for MRP extension for 2021-2025 with total spending to be US60M, and introduction of a new…
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